[Laker14]

Originally Posted by Toymeister

I recommend a bell.

As an experiment I tried different warning devices to warn pedestrians of my approach while cycling. Most bells* were superior to yelling "on your left". This bell, a copy of a 1950s design, worked surprisingly well Retro Metal Bicycle Bell Handlebar Vintage Bike Bell Ring Horn Clear Sound Loud 788411009071 | eBay. The 80mm Dutch style 'DING DONG' bells we're also excellent ORIGINAL! DING DONG BICYCLE BELL 80MM CHROME. ( ALMOST GONE) | eBay.
*The free, tiny, 'dink' bells that come with some bikes are useless.

Bells frequently elicit waves, thanks, and smiles.

While a bell may be the superior way to alert a pedestrian of your approach, it doesn't tell them anything about which side of them you intend to pass, which is fine if you are not intending to zip by them at full bicycle speed. Part of the issue is that many bicyclists feel entitled to pace themselves as if there were no pedestrians about. We wouldn't accept that from automobiles. If there are people around walking, bikes, as well as cars, should slow down a bit.
Bicyclists want to be treated with the same respect as automobile traffic, but often forget that along with that respect comes some responsibility, and in the case of cycling on a path heavily populated with walkers, that means not acting like it's a bicycle race course.